Automatic Daily Revenue Recognition is a system that reconciles every transaction in Stripe to the bank daily, so revenue is recognized continuously rather than in a monthly reconciliation where hidden errors accumulate.
The design ingests a company's Stripe data into 📝BigQuery automatically, as frequently as hourly, and renders key revenue metrics, such as units by product, in a Google Sheets view. From the same data it builds a table of journal entries that match the monthly bank and Stripe statements, covering bank deposits, new invoices created, successful charges, refunds, and merchant fees.
Once an auditor has reviewed the journal entries, the system can connect to QuickBooks Online and push them in daily. Each month it also reconciles the Stripe open invoices and the Stripe cash-held accounts to the Stripe statement.
Daily recognition turns revenue into a current reading of the company's 📝Revenue Generation System rather than a month-old one.
When we struggled to reconcile the Linden Dollar economy of 📝Second Life each month, we decided to reconcile it daily. In a month, lots of hidden errors creep in.